Sirius Petroleum Share Discussion Threads

[dr rosso] 15/1/2025 16:10

Yet they have set share price targets which trigger their latest batch of confetti, all exercisable at 0.25p. To cash in all of the new 60m at Dec 2025 and the other 51m at Dec 2026, 3.6p and 4.3p must be achieved. Post 138924. Worth £20m each time if those minimum targets are hit.

If the shares remain de-listed, how are these prices achieved? Pay their mates at JPJ to tap a few keys so as to artificially inflate the numbers? Same as they themselves did for Abura field's spike of 13,000 bopd (6 Dec 2023 pre-agm update), so duping us to believe Tende would be raking in big cash flow. As per Sherl0ck's calc in Dec 2024 which turned out to be way off beam, $92m becoming $0m.

[vatnabrekk] 15/1/2025 14:36

I think it's fairly clear why they've stopped mentioning re-listing. In order to re-list they would have to produce an Admission Document (AD) to tell the world what fantastic prospects they have. That would be rather difficult right now, with Tunisia gone, OML65 producing nil revenue as far as the eye can see, and Angola in limbo.

So at the moment they have nothing to boast about, and a re-listing would be a disaster. I fear we will have to wait for some time until these dark clouds clear away, before they bring the subject up again.

[aventador] 15/1/2025 12:00

Lost to us as delisted it's gone! Relist it at 2p even if possible to value it at that be ques of ppl heading for the sell button myself included !

[dr rosso] 15/1/2025 11:30

NEPL will get another batch of around 3.5m barrels all to themselves because the Abura incremental production target will not be surpassed. Sole oil revenue for 2024 will be from whatever they get from the sale of one 120k cargo from their BBT field in Tunisia. Call it around $9m which, as in the previous year, will be entirely wiped out by opex and other costs, not least another $2m salary swipe.

Fast forward to H2 2025 for the commencement of any sign of real progress ie Tunisia 90% sold, Angola completed, OML 65 revenue. Maybe a Namibia asset added to the pile. And don't forget polymer trading.

Desperately in need of a leadership team which has the ability to run things efficiently.

[htrocka2] 15/1/2025 10:30

Oliver....They require your permission to print more money...(I think they're subtly telling us that the revenues for next year are also going to be cr+p.)


SPECIAL RESOLUTION

5.1. in accordance with section 570 of the Act, the Directors be given the general power to allot equity securities (as defined in section 560 of the Act) for cash,...'

[oliversanvil] 15/1/2025 10:07

If all is lost why hold an AGM?

[oliversanvil] 15/1/2025 09:22

Shoot! The bods will turn up at the AGM with police protection!

[vatnabrekk] 15/1/2025 08:18

You are right Doc, it's an absolute disgrace, and no offer of any kind of explanation.

[1sonic] 14/1/2025 21:28

Time for Sherlock to post and say yes!!!

[1sonic] 14/1/2025 21:28

Right… who’s coming to the AGM?

[vatnabrekk] 14/1/2025 20:24

I think you may have got it the wrong way round HT. If they issue more shares that will just make the situation worse because the share capital will be even greater.

[htrocka2] 14/1/2025 20:06

What happens when a company increases its share capital?

Increasing a company's share capital can lead to the shares of existing shareholders becoming diluted. This can affect both dividend payouts and voting rights.10 Feb 2024

from the AGM Notice.
'..in accordance with section 656 of the Companies Act 2006 whether any, and if so what, steps should be taken to deal with the situation that the net assets of the Company are less than half its called up share capital'


I think we can all work out where this is headed.....We, the existing shareholders, will be paying for the extra shares issued via dilution....This is one of the clues as to why they issued themselves such poor share options.(They knew what they were doing)

[vatnabrekk] 14/1/2025 18:53

If they don't come up with answers before the AGM to the questions that have been put to them, then they really have to be taken to task.

[htrocka2] 14/1/2025 14:55

vat... I realise this lot are clever.....but half of zero?...that's extremely clever.(it might help explain why they're in a mess.)....However, it seems you're convinced anyway.

[dr rosso] 14/1/2025 14:50

If you can call it good news, they should be at the starting gate at the beginning of H2 2025. Having tripped up countless times through sheer incompetence, which hasn't stopped them grabbing over $20m for themselves in remuneration, it will have taken a mere seventeen years to be at the races. Decent growth prospects should start to propel the share price.

Assuming:-

a) Angola completes ($320m having been contributed from 32 months of accruals)
b) Perenco buys 90% of ATOG
c) Trafigura $85m debt mountain reduced to $22m (which is covered by cash) as a result of a/b above
d) Polymer trading set up and ready to go, managed by Tende Energy Limited, Dubai
e) Abura incremental production kicks in
f) They hold off on excessive confetti distribution
g) One further acquisition lined up, possibly offshore Namibia
h) Getting the show managed by genuinely qualified O&G professionals

[vatnabrekk] 14/1/2025 14:46

It depends what value you put on the share capital, At the moment Tende is not trading on the stock exchange, so the value is zero.

[brianbl] 14/1/2025 14:41

I beleive...Tende is still a public company - a plc. If a plc company’s net assets - the company’s total assets minus total liabilities - are less than half of its total share capital - what the shareholders together have invested - then they have to call a shareholders’ meeting. The total share capital is the last asset available for the company’s creditors if to goes bust. So it means Tende only has its share capital left to pay its debtors and no net assets above that at all - and it has less than half left of the share capital that was originally paid in by the shareholders. It means the company is in serious difficulty

[htrocka2] 14/1/2025 14:08

'...Alternatively or additionally, dish out hundreds of millions of extra shares.'

Here is the dilemma....the increase in share capital in proportion to the Assets creates it's own problems that have to be addressed....We're already under Section 656 of the Companies Act. (They're gambling that the creditors will not pull the rug from under their feet)

[vatnabrekk] 14/1/2025 13:45

"Astoundingly poor management, soaring debt, yet they are all still there pigging away in the loan trough to the tune of $2m+."

This is why it's crucial that we put pressure on them to give answers to the questions regarding the confusion over the production numbers at OML65, as reported by them, and the scandal of zero revenue from that project.

It's scandalous that they seem to think it's OK and acceptable to send out conflicting reports like that without offering any form of explanation to shareholders.

[carrbradshaw] 14/1/2025 13:04

Cheers SIB and Sol - thought it sounded dire which at the moment sums this company up

[dr rosso] 14/1/2025 12:49

Have a look back at the AGM Notice for Dec 2023 and you'll see that the latest one is a virtually identical copy and paste. Pryde's re-election is substituted by Hayward, whose sole function I can see is to approve the annual remuneration package, including bonuses, for whatever operational failures have resulted from the actions of these loan shufflers. Salaries, bonuses, expenses are all being continually paid for out of borrowed money.

The fees, costs and interest mount up shockingly. How do you think they are making large repayments when there is no revenue? Simple, take out another loan. $85m now owing. See AR page 53. Alternatively or additionally, dish out hundreds of millions of extra shares.

No Nigeria oil revenue for 2024, or H1 2025 either, because absence of AWP drilling means incremental production from Tende's operatorship has not surpassed the commercial base level threshold.. Which particular moron signed the legal contract whereby entitlement to cash flow became zero?

Astoundingly poor management, soaring debt, yet they are all still there pigging away in the loan trough to the personal tune of $2m+. No wonder they want Comrade Hayward re-elected.